Beware of mortgage loan scams! Tips & Warning Signs

Protect your moneyThe Housing crisis is still not behind us  – many homeowners are struggling to keep up with their mortgage payments.

It’s important to understand that there are free resources available to you – Too often, we see clients from Westchester and the Hudson Valley who seek free foreclosure prevention and loss mitigation counseling services after they have already paid thousands of dollars to a scam artist who has done little to help them while wasting a lot of critical time and providing false expectations.

Scam artists are stealing millions of dollars from distressed homeowners by promising immediate relief from foreclosure, or demanding cash for counseling services when reputable counseling agencies are providing high-quality, trustworthy help to homeowners for FREE. NeighborWorks America-certified and HUD-approved counselors are trained and certified to help distressed homeowners assess their situations and take action. If you receive an offer, information or advice that sounds too good to be true, it probably is. Don’t let them take advantage of you, your situation, your house or your money!

Remember, trusted counseling help is readily available and it’s FREE!

Beware of any Company or Person Who:

– Asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage.

– Guarantees they can stop a foreclosure or get your loan modified.

– Advises you to stop paying your mortgage company and pay them instead.

– Pressures you to sign over the deed to your home or sign any paperwork that you haven’t had a chance to read, and you don’t fully understand.

– Claims to offer “government-approved” or “official government” loan modifications.

– Asks you to release personal financial information online or over the phone, and you have not been working with this person and/or do not know them.

In order to find your closest local Foreclosure mitigation program, you can click here and use a search function on Neighborwork’s website.

The local service provider in Westchester is the HOUSING ACTION COUNCIL:

The Housing Action Council is a non-profit organization, a member of the New York Mortgage Coalition, and a Homeownership Protection Program (HOPP) agency working directly with the New York State Attorney General’s Office.

Since September 1, 2008, HAC’s Home Retention Team in Tarrytown has assisted over 2,000 homeowners whose mortgages have become unaffordable due to a hardship, and who are threatened with foreclosure.

HAC is HUD-approved, and its counselors are trained by NeighborWorks America, and follow the Code of Ethics and Conduct specified by The National Industry Standards for Homeownership and Post-Purchase Education & Counseling. HAC foreclosure prevention services are available without cost to anyone regardless of income.

HAC welcomes members of immigrant communities, and offers counseling services in Spanish as well as English. For clients who speak other languages, we also have access to on-demand translation services.

*Se habla Español*

*Translation services available for more than 240 languages*

Contact Housing Action Council Today!